Dodge Auto Finance Terms to Know
Purchasing a new or Certified Pre-Owned vehicle can be an easy task when you have Dodge auto finance terms in your back pocket. Let’s explore a few different auto finance definitions to get your Dodge purchasing process started on the right foot at Prestige Chrysler Dodge Jeep® RAM.
Credit history is a record that shows your ability to pay off monthly loans. This information will be available in a credit report, which will also share your credit score. With these factors in mind, a loan can be set at a particular interest rate based on your credit history.
Equity is the difference between the balance and the value of the loaned item in question. When you have a loan on a vehicle that is less than the sale value of your vehicle, you have positive equity. If you ever want to upgrade cars and are selling or trading in your vehicle, the equity of your vehicle can be put toward your new purchase.
An interest rate is the annual cost of a loan to the borrower that is paid to the lender or creditor. The rate is decided by factors like your credit history, and the current rates at which lenders are offering. The lower the interest rate, the less you end up paying in the long run.
MSRP, or manufacturer’s suggested retail price, is the price of a vehicle that is recommended by the manufacturer. It is used as a reference on how much a vehicle is worth at its brand-new, off-the-line condition.
Getting pre-approved for a Dodge lease or loan can be quick and easy if you know what you will need. You’ll be asked to supply personal information such as your driver’s license information, social security number, and address. Documentation for your income will also be necessary, and can be in the form of paystubs, a W-2, or tax returns.
Learn More About Dodge Financing in Las Vegas, NV
Our local Las Vegas, NV Dodge dealership puts knowledge at the forefront of everything we do, and our customers benefit. Let us walk you through the steps of financing your new Dodge vehicle with our helpful team! If you ever have any questions about auto finance, don’t hesitate to contact us — we feel great knowing that we can help our customers purchase the car of their dreams.